He trades just one stock at a time

KEY TAKES

• The Dow jumped 1,569 points, or 3.03%, to 53,356.12 for its best day since April 2025, after Democrats won both the House and the Senate (CNBC).
• Big Tech led and the AI builders lagged. Microsoft rose 6.68%, Amazon 6.12% and Apple 5.31%, while Micron fell 7.00% and CoreWeave 9.90%.
• Every time Wall Street insiders bend the rules, it leaves a pattern behind. Tim Sykes on the one overnight trade he makes while it plays out (From Millionaire Publishing)

THE CLOSE

SPY closed 766.81 (+1.65%), QQQ 691.95 (+0.97%), DIA 533.11 (+3.10%), IWM 284.02 (+1.51%). Oil fell more than 7% after Vice President JD Vance tied the election losses to the Iran war (ABC News). SMH lost 2.75% and Nvidia 3.17%, while GLD rose 3.68%.

Did the 3 PM read hold? Yes. Money kept leaving the data center builders for the giants that rent out the servers, and the gap got wider into the bell. SMH was down 2.4% at the early afternoon read and closed down 2.75%.

AFTER THE BELL

QCOM Qualcomm earned $2.17 adjusted on $10.32B of revenue, both a bit above estimates, but guided the current quarter to $2.15 to $2.35 against $2.27 expected. The stock closed +5.33% and slid about 6% after hours (CNBC).

ARM Arm earned 52 cents adjusted on $1.44B of sales and guided above estimates (Investor's Business Daily). Shares still slipped about 1.8% after hours, on top of a 5.28% drop in the regular session (Seeking Alpha).

TOMORROW'S SETUP

7:00 AM ET. The Bank of England sets rates, and Challenger layoffs for October come out.

8:30 AM ET. Weekly jobless claims, forecast 196K vs 194K the week before, plus Q3 productivity and unit labor costs.

Before the open. ConocoPhillips, Sony, Cigna and Duke Energy report.

Fed speakers. Cleveland's Beth Hammack at 8:50 AM ET and Richmond's Tom Barkin at 9:10 AM ET.

After the close. Airbnb, Cloudflare, Monster Beverage and Lumentum report.

ONE TO WATCH TOMORROW

LITE (Lumentum) closed $626.75 (-7.85%) and reports after Thursday's close, with the call at 5:00 PM ET. Analysts expect $3.82 a share against 60 cents a year ago (Stock Titan). It sells optical parts into AI data centers, the group that got hit today. Wrong if a strong guide can't lift the stock; then today's selling is about policy, not demand.

Market Signal Report
powered by StocksToTrade

HANDPICKED FOR YOU

Signal over noise. Evening recap of Wednesday's official close. Next session is Thursday, Nov. 5.